cpa exam: tips & tricks for scores > 75 · pdf filefrank, rimerman + co. llp certified...

Frank, Rimerman + Co. LLP certified public accountants

CPA Exam: Tips & Tricks for Scores > 75

Amber Setter, [email protected]

August 2012



What We Will Cover Applying to sit Exam nuts and bolts How to study Strategies at the testing center


CPA‐What It Takes

Educational requirements+ Passing the CPA exam+ Experience requirements+ Jumping through state specific hoops= CPA


Who’s Who

You should apply to the state board within the state you plan to work in

What Regulated by

Educational requirements States

CPA Exam • Written by the AICPA• Administered by NASBA• Delivered by Prometric• Scores by it depends

Experience requirements, hoops to jump through

States


150/225 HoursBut Why???

Five years of school?!?


NASBA


To SIT for the Exam

All candidates must earn:– Baccalaureate degree– 24 sem./36 qtr. units of accounting– 24 sem./36 qtr. units of business‐related subjects


To Become Licensedin California

Pass all four sections of the exam One year general experience* Additional 30 semester/45 quarter units Pass Professional Conduct and Ethics exam

Background check And some other forms


Accounting Study

EthicsStudy

24/36 & 24/36 Remains


Testing Windows

FIRST SECOND THIRD FOURTH

January (1) April (4) July (7) October (10)

February (2) May (5) August (8) November (11)

March (3) June (6) September (9) December (12)

Testing window is “closed” during multiples of 3


Application ProcessHuh?!?


Exam Structure & ContentBus. Environ. & Concepts (BEC):•3 hour exam•80 hours of prep

• 3 MC testlets• 3 written communication

•Cost accounting, IT, economics

Financial Actg. & Reporting (FAR):•4 hour exam•160 hours of prep

• 3 MC testlets • 7 simulations

•Covers: every account on F/Ss for NPS, govtl. & traditional co.

Regulation (REG):• 3 hour exam•110 hours of prep

• 3 MC testlets• 6 simulations

•Taxes, business law

Auditing & Attestation (AUD):•4 hour exam•100 hours of prep

• 3 MC testlets• 7 TBS

•Audits and varied reports, internal control and prof. responsibilities


Prep Time Case Study: Studious Sally

– Work‐ 40 hours week– Studies‐ 20 hours week

BEC: 4 weeksREG: 5.5 weeksFAR: 8 weeksAUD: 5 weeks

Total*: 25.5 weeks with zero social life

*Only 10% of candidates pass all 4 sections on first attempt.


Exam Ordering


Exam Scores

40%

42%

44%

46%

48%

50%

52%

AUDIT BEC FAR REG

Average Yearly Pass Percentage By Section

2005200620072008200920102011


Studies: Where to Begin

Practice makes perfect 75s– Third time is a charm

Fundamentals:– Hit the target #s for prep time– Treat it like a marathon

Final review


Scheduling Your Exam

You can take it at any testing center Testing windows fill up:

– At the end of a window– Just after a holiday– Mondays


Arriving to Prometric

Allow extra time‐ up to an hour Verify the address each time


At the Testing Center Phones aren’t allowed Your own foam ear plugs are Know that not everyone is taking the CPA exam

Cram in the lobby Gauge your biological needs

– The clock doesn’t stop– Layered clothes/covered feet

Name on your NTS MUSTmatch your id


Saddling Up to the Computer

You have ten minutes Use them wisely


Time BudgetsBus. Environ. & Concepts (BEC): 3 hour exam 3 MC testlets, 3 written communication

MC 1: 3:00 – 2:15MC 2: 2:15 – 1:30MC 3: 1:30- 0:45WC- 0:45 - 0:00

Financial Actg. & Reporting (FAR): 4 hour exam 3 MC testlets, 7 simulations

MC 1: 4:00- 3:15MC 2: 3:15- 2:30MC 3: 2:30 – 1:45Sims: 1:45 – 0:00

Regulation (REG): 3 hour exam 3 MC testlets, 6 simulations

MC 1: 3:00 – 2:25MC 2: 2:25 – 1:50MC 3: 1:50 – 1:15Sims: 1:15 – 0:00

Auditing & Attestation (AUD): 4 hour exam 3 MC testlets,7 simulations

MC 1: 4:00- 3:15MC 2: 3:15- 2:30MC 3: 2:30 – 1:45Sims: 1:45 – 0:00


Score Weighting


Diving Into the Exam


Tutorial and Sample Tests


MC

Testlet

s


MC Testlets Cont.

A blank answer is wrong A guess has a 25% of being right Flagging items you want to go back to Don’t let pre‐test questions get to you


Research Questions


How to Research(6‐7 points)


Simulations‐ 40%

What might you see Split screen is your friend Authoritative literature can be your BFF Do what you know first Guess the rest!


Written Communication

Answer does not have to be technically accurate

Is your message:– Clear– Concise– Structured: beginning, middle, and end– Free of typos

Two many error equal failyer!


Scores: NASBA


Facebook Resources

Another 71 NASBA California Board of Accountancy

– One day delay– Scores show up by 7am– Scores don’t show up on Sunday


Reasons to Join CalCPA

AKA Beta Alpha Psi/Accounting Society for grown ups

1. It’s free!2. Members get a discount on the ethics exam3. YEP = fun events4. Networking = jobs/best practices


The End

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